EU can BACK OFF! Brussels won't be able to use Brexit to target City, Hammond warns

THE EUROPEAN Union will not be allowed to use Brexit to bring in “protectionist” measures aimed at pinching business from the City of London, the Chancellor told finance chiefs in a major speech this evening.

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He confirmed the new relationship sought with the EU on the supervision of financial markets will offer greater transparency and cooperation.

He said: "We acknowledge that there are legitimate concerns among our EU colleagues about the oversight and supervision of financial markets here in the UK that are providing vital financial services to EU firms and citizens.

"We will address them by making forward-leaning proposals for greater transparency, cooperation, and agreed standards based on international norms.

"But, let me be clear, we will not accept protectionist agendas, disguised as arguments about financial stability."

PA

Mr Hammond is speaking at the UK Finance annual dinner

The speech at the UK Finance annual dinner comes after Mr Hammond chaired the first meeting of the Business Advisory Group.

The Chancellor, Brexit Secretary David Davis and Business Secretary Greg Clark met the five main business organisations - the CBI (Confederation of British Industry), BCC (British Chambers of Commerce), IoD (Institute of Directors), FSB (Federation of Small Businesses) and EEF - to hear their concerns and priorities.

Mr Hammond stressed his commitment to maintaining the UK's position, including its leading role in financial technology (fintech).